CPEC(600339) Tianfeng Securities·2024-10-30 02:39Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a net profit of 632 million yuan for the first three quarters of 2024, a decrease of 29.4% year-on-year, with total revenue of 51.174 billion yuan, down 3.18% year-on-year [1]. - The decline in performance is attributed to a decrease in gross profit from the pipeline and transportation segment, along with increased foreign exchange losses and R&D expenditures [1]. - The company has seen a continuous increase in new contracts, with a total of 94.263 billion yuan signed, representing a year-on-year growth of 17.62% [2]. - The overseas market performance of the engineering construction company (CPECC) has been outstanding, with new contracts signed increasing by over 74% year-on-year [2]. Financial Data and Valuation - The forecast for net profit attributable to the parent company for 2024-2026 is set at 856.79 million yuan, 1.02056 billion yuan, and 1.16107 billion yuan respectively, with corresponding P/E ratios of 22.87, 19.20, and 16.88 [4]. - Revenue projections for 2024-2026 are 85.74549 billion yuan, 90.81067 billion yuan, and 95.89295 billion yuan, with growth rates of 6.72%, 5.91%, and 5.60% respectively [4][7]. - The company’s total assets are projected to reach 116.46207 billion yuan by 2024, with a debt ratio of 75.80% [5][8]. Key Projects Progress - The company successfully completed several key projects in Q3, including the completion of the critical control project for the Shenzhen natural gas pipeline adjustment and the full handover of the Bangladesh single-point mooring and dual pipeline project [3].